Mineral sands project under review

The Australian Zircon mineral sands mine at Mindarie in South Australia has been closed while its operations are reviewed.

The mine's future has been discussed at a meeting with workers and the Mindarie community, in the state's east.

In a statement to the Australian Securities Exchange, chairman Jeremy Shervington says the Mindarie operation would be put on care and maintenance while there was a review of the cost structure, reserve estimates and financing options.

Last January, Australian Zircon struck a deal with Austrian steel marketer DCM and the recapitalisation agreement relieved Australian Zircon of a $40 million debt.

In April, the company had announced that new machinery would allow production to be ramped up, with hopes of boosting ore delivery at the site by about 20 per cent.

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